Uniform Commercial Code
What Does Uniform Commercial Code Mean?
The Uniform Commercial Code (UCC) is a comprehensive set of uniform acts and laws that govern and regulate commercial practices across the various states and territories of the United States. These uniform acts ensure consistency in laws related to sales, commercial transactions, and related activities.
The UCC comprises nine articles, each focusing on a specific area of commercial law. UCC insurance is available to cover transactions outlined in Article 9, which addresses secured transactions.
Insuranceopedia Explains Uniform Commercial Code
The UCC serves as the primary reference for transactions involving borrowing money, negotiating contracts, leasing equipment, and selling goods. It acts as the legal guidebook for operating a business. While all states and territories in the United States have adopted the UCC in its entirety, some have modified specific provisions to better suit their unique needs and requirements, ensuring compliance with the code.
